IRISH peer-to-peer lending platform Linked Finance has facilitated loans of over €28m (£24.5m) in the first nine months of this year.
That represents a 63 per cent increase from the same period last year and has put the lender on track for record growth this year, the firm said.
Loans during the third quarter were up 62 per cent to €9.3m while the average loan size also rose significantly, up 33 per cent to €62,000.
“We are able to offer Irish small-and medium-sized businesses fast and affordable lending solutions, matching their needs with thousands of lenders with capital to deploy,” said Niall Dorrian, chief executive of Linked Finance.
“Lending growth of 63 per cent so far this year shows we are making rapid progress towards our goal of establishing Linked Finance the biggest source of non-bank funding to small- and medium-sized enterprises in Ireland.”
Linked Finance said it now has nearly almost 20,000 registered users on the platform.
The P2P lender has helped provide over 1,700 loans and €70m in funding to Irish businesses, including Murphy’s Ice Cream, Iconic Offices and the Irish Fairy Door Company.
Its lenders have so far earned over €5.4m in interest and received more than €36.6m in repaid principle since the business launched in 2013, said Linked Finance.